Update For:
Posted On: Fri, 25 Jul 2008 22:11:12 GMT
NYBOT Cocoa
Last Price: 2813
Support: 2795, 2775, 2750, 2700
Resistance: 2840, 2870, 2880, 2925
[SEPTEMBER COCOA] (2813, +69)
[Support]: 2795, 2775, 2750, 2700, 2655, 2606, 2575, 2504, 2483, 2441, 2338.
[Resistance]: 2840, 2870, 2880, 2925, 2950, 3010, 3035, 3073, 3125.
[Current Mathematical Trend]: Short term: Down , Intermediate Term: Topping , Long Term:  Up
A larger pullback will likely precede the next sustained upleg.
[Analysis]: An Intermediate degree wave (4) from the March high should be a zigzag or triangle and it apppears that the latter saw its low point at 2263 on March 24. The three-wave rally from there to the 3290 high of July 1 qualifies as wave B of a contracting triangle from which wave C is probably still in progress to a bottom above the March low. Wave a of C carried to the 2857 July 8 low. Wave b appears complete at the 3039 high of July 16. A wave c decline from there is probably on going.
Peter DeSario
For the maximum value of WCO commentary, please read the WCO User Guide: http://www.elliottwave.net/educational/wco_userguide.htm
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